Question: (a) Explain when a revaluation decrement should be shown as a negative item in Other Comprehensive Income, rather than being debited to the profit or

(a) Explain when a revaluation decrement should be shown as a negative item in Other Comprehensive Income, rather than being debited to the profit or loss?

(b) ChopChop Pty. Limited purchased a block of land in Melton, VIC, on 1 December 2019. The land was purchased for $500,000 in cash. Since then, the value of the land has increased due to rapid development in public transport in the area. On the 30th of March 2020, the land had market value of $750,000. On the 4th of April 2020, the land was sold for $825,000. ChopChop is NOT registered for GST. Required: Prepare journal entries for: (1) 30 March 2020 (2) 4 April 2020

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